HSBC joins Dubai Economy’s UAE KYC Blockchain Platform

Dubai: Dubai Financial system and HSBC have strengthened the UAE KYC (Know Your Buyer) Blockchain Consortium with HSBC turning into the fourth founding member to go reside on the platform.

The UAE KYC Blockchain Platform is a nationwide ecosystem for the alternate of verified “know your buyer” information between licensing authorities and monetary establishments. This initiative was launched in February 2020 by Dubai Financial system in partnership with founding member banks.

The platform contains members comparable to Emirates Islamic, Emirates NBD, Business Financial institution of Dubai, Abu Dhabi Business Financial institution, HSBC, RAKBANK and Mashreq Financial institution in addition to Dubai Financial system and DIFC.

The initiative is powered by norbloc, a worldwide chief in enterprise blockchain applied sciences that allow sharing of regulated information.

“Dubai Financial system is delighted with HSBC going reside on the UAE KYC Blockchain Platform. Buyers now have a further alternative of digitally opening checking account with the worldwide financial institution. The UAE KYC Blockchain Platform has reworked the investor checking account journey by considerably decreasing the time it takes to determine relationship with banks. This may positively enhance UAE’s rating in world Ease of Doing Enterprise index,” mentioned Omar Al Mehairi, Director of Improvement and Comply with-up Division, the Enterprise Registration & Licensing sector of Dubai Financial system.

The UAE KYC Blockchain Platform helps the imaginative and prescient of the Put money into Dubai (IID) Portal by facilitating instantaneous opening of financial institution accounts for traders. We’re additionally happy to see newly onboarded licensing entities and monetary establishments within the implementation part. Because the initiative continues to scale up, we hope to see extra native and worldwide banks onboard the initiative”, added Omar Al Mehairi.

The initiative will result in considerably improved buyer information high quality within the UAE, which is able to underpin the longer term enlargement of the community and its evolving use as a complete buyer information ecosystem. HSBC can now profit from the KYC information for his or her buyer onboarding in addition to obtain information updates for his or her current prospects.

“HSBC’s bold progress technique within the UAE is underpinned by funding in digital infrastructures such because the UAE KYC Blockchain platform. By with the ability to entry up-to-date KYC information immediately from Dubai Financial system, we will serve prospects quicker and focus extra on their core banking wants,” Abdulfattah Sharaf, Group Normal Supervisor, CEO of HSBC UAE and Head of Worldwide, HSBC Financial institution Center East Restricted.

That is yet one more main milestone following the current settlement between Dubai Financial system and Dubai Worldwide Monetary Centre (DIFC) Authority to consolidate efforts and increase the UAE KYC (Know Your Buyer) Blockchain Consortium positioning it because the nationwide company e-KYC Platform, making it the primary such platform within the area.